Agenda – Oxera

Paying up: the new economics of payment systems

June 2020

Retail payments play an important role in the functioning of modern society. However, they are currently going through a period of upheaval due to changes in technology, consumer behaviour and regulation, and most recently the global COVID-19 pandemic. What are the underlying economics behind retail payment systems, and what are their implications for competition in the sector?

Decarbonising transport: a just transition?

June 2020

In March, the UK Department for Transport (DfT) published ‘Decarbonising Transport: Setting the Challenge’, a policy paper outlining current and planned policies needed to decarbonise the UK’s domestic transport sector. We provide a commentary on some of the DfT’s strategic priorities—the shift to active and public transport, as well as the decarbonisation of the passenger vehicle fleet. We then discuss some of the wider social implications raised by the proposed measures

Engaging the disengaged: why does it matter, and why is it hard?

June 2020

Why do consumers become disengaged from effective decision-making, and how can we improve engagement and market outcomes? Amelia Fletcher, Professor of Competition Policy at the University of East Anglia, UK, looks at the latest developments in this fast-moving area, and discusses a number of insights from her recent paper on disclosure and other tools for enhancing engagement

COVID-19 and damages quantification: key challenges for the post-pandemic world

May 2020

The COVID-19 pandemic has caused large-scale disruptions to the global economy. One consequence is the emergence of commercial disputes following terminations or breaches of contracts during the pandemic. What challenges are likely to arise when quantifying damages in light of COVID-19 in commercial litigation or arbitration proceedings?

To provide or not to provide access? The Dutch broadband joint SMP case

May 2020

On 17 March 2020, the Dutch Trade and Industry Appeals Tribunal (CBb) published its long-awaited verdict on the appeal against the Netherlands Authority for Consumers and Markets (ACM) 2018 finding of joint dominance in the Dutch retail broadband market. Why did the CBb rule in favour of the appellants, and what are the implications of this finding for the regulation of wholesale broadband access in the telecoms sector?

Calculating the cover charge: business interruption insurance and COVID-19

May 2020

The COVID-19 pandemic has had a major impact on businesses across the world. Many have turned to their insurance providers to claim compensation under their business interruption (BI) insurance. However, even if a firm is covered for financial losses caused by the pandemic, determining the compensation amount is far from straightforward. What are the challenges, from an economic and financial perspective, in determining the compensation for these policyholders?

The rise of the cryptoexchange giants: what next for trading cryptocurrencies?

April 2020

Since the inception of Bitcoin over a decade ago, trading in cryptocurrencies has exploded. There are now thousands of cryptocurrencies and hundreds of cryptoexchanges to trade on. What is the secret of the few big cryptoexchanges, and is the high number of smaller cryptoexchanges sustainable? We look at the current landscape and competitive dynamics of the fast-evolving cryptoexchange market

Dynamic counterfactuals and merger control: the old, the new and the uncertain

April 2020

Recent merger cases have seen an increased interest in ‘dynamic’ counterfactuals, where the market would have become more competitive in the future in the absence of the merger. What are these recent developments, how can competition authorities take them into account, and how can advisers help to reduce the uncertainty for the merging parties?

Destination unknown: airport regulation in the wake of COVID-19

April 2020

The COVID-19 pandemic has had a severe impact on public health, and significant and far-reaching effects across most sectors of the economy. Given the current global travel restrictions, with most of the world’s population living in countries with some form of travel ban or restriction, aviation has been one of the most dramatically affected sectors. What long-term effects will this have on the sector, and what are the implications for economic regulation?

Retail payments: a changing European landscape

March 2020

The landscape for retail payments in Europe is going through a period of considerable upheaval due to technological developments and entry by new providers, supported by regulatory changes. What exactly are these changes, and what are their implications for the competitive dynamics and market outcomes in retail payments?

Taking Britain to net zero: Ofgem’s decarbonisation action plan

March 2020

On 3 February Ofgem, the energy regulator for Great Britain, published its decarbonisation action plan to support the UK in achieving net zero carbon emissions by 2050. Outlining Ofgem’s role in facilitating decarbonisation, the plan lists the trade-offs faced and nine actions that the regulator will take. We look at what the plan says and its implications

Consumer protection in the online economy

March 2020

The Netherlands Authority for Consumers and Markets (Autoriteit Consument en Markt, ACM) has recently published guidelines for online firms and other interested parties, indicating its view on which online business practices are allowed within the boundaries of consumer protection laws— and which are not. Annemieke Tuinstra, Senior Economist in ACM’s Chief Economist Team, discusses the economic and psychological concepts behind the guidelines